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Midway's bonus plan changes after being called out by court photo

Remember how we told you about the crap going down at Midway now that the money has run out? It seems that the people there were paying themselves millions in bonuses for selling off properties like Wheelman and Mortal Kombat. These bonuses were called "outrageous" by the government-appointed trustee overseeing the proceedings and the rest of the people they owe money to. And wouldn't you be pissed if the company that owed you money was paying themselves (the leftover executives still there) almost $4 million in bonuses while closing up shop?

After being spanked by trustee and creditor committee, Midway has changed their tune a bit on the bonuses. Here's a quick breakdown:

  • No cash bonus to execs for the sale of Wheelman as that was already done/filed
  • No more bonus for just selling Mortal Kombat. They have to sell it all now
  • Bonus amount dialed back to less than the original $3.755 million
  • Bonuses only paid to those still employed
  • CEO Matt Booty won't get paid a bonus now

So cashing out before they clock out for good won't be as easy anymore.

And it looks like the stuff will sell -- or at least that's how it sounds from what we've heard. If what Destructoid has learned is correct, Ubisoft has been hanging out around Midway Chicago's studios, looking to pick them up. As for the rest, it seems that Warner Bros. may scoop it all up. Apparently execs from both companies have been making trips to the Midway offices. 


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12 comments | showing # 1 to 12

ceark's Avatar - Comment posted on 03/31/2009 17:47
ceark
more depressing stories of greedy ass execs driving companies into ground to fill they're own pockets. I feel sorry for all the hardworking, talented, underpaid artists and programmers working at places like this =*(
BulletMagnet's Avatar - Comment posted on 03/31/2009 18:07
BulletMagnet
Of course, everyone knows that these actions are just one more symptom of the creeping Communist tendencies within our great nation - all educated, God-fearing Americans know that if we'd only completely done away with all such regulation and further cut taxes for top earners, these guys would have Done The Right Thing all on their own, All The Time, as Free Market Magic dictates. So, kids, if anyone tells you that scaling down these bonuses is a "good" thing, you be sure to call them the filthy, lazy, freeloading blights on society that they are!
thisissami's Avatar - Comment posted on 03/31/2009 18:15
thisissami
some people are real scum...
ChronosWing's Avatar - Comment posted on 03/31/2009 18:31
ChronosWing
@BulletMagnet

You can't be educated and God-fearing at the same time, they cancel each other out.
Chronic Logic's Avatar - Comment posted on 03/31/2009 18:40
Chronic Logic
This don't make sense, the company is verging on the point of bankruptcy, and their solution is to pay millions of dollars of bonus money to the executives? How is that going to help Midway recover?!

Anyway, I read this on Kotaku the other day, which stated alot of legal mumbo jumbo which pretty much stated that the Midway's decision of giving themselves bonuses was somewhat illegal.
VisMortua's Avatar - Comment posted on 03/31/2009 19:43
VisMortua
The AIG of Video Games, lovely. If this is what's going on there then they need to go down, it'd be better off.
Furyfire's Avatar - Comment posted on 03/31/2009 21:07
Furyfire
Was about to say. It's AIG allllll over again.
Paviel's Avatar - Comment posted on 03/31/2009 21:15
Paviel
First banking, then the auto industry, now this...

Well, at least those niggards aren't getting away with this.
Kalmah's Avatar - Comment posted on 03/31/2009 21:52
Kalmah
Matt Booty? Really? Thats... that's really his name? Seriously?
Chaoticwolf's Avatar - Comment posted on 03/31/2009 22:10
Chaoticwolf
@Kalmah

I was thinking the same thing. I can't imagine how it was like to grow up with Booty as a last name.
Midgetsnowman's Avatar - Comment posted on 04/01/2009 00:33
Midgetsnowman
@Chronic: It isnt. Its called grabbing the money and running before the government and debtors get at it.
levkar's Avatar - Comment posted on 04/01/2009 00:57
levkar
matt booty ... sounds like the name of a pimp
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